| Minera IRL Announces Sale of Don Nicolas Interest to CIMINAS | |
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LIMA, PERU--(Marketwired - Jul 30, 2014) - Minera IRL Limited ("Minera IRL" or the "Company") (MIRL.L)(MIRL.L)(IRL.TO), the Latin America gold mining company, announces that it has entered into an agreement pursuant to which Compañía Inversora en Minas ("CIMINAS") will acquire the Company's remaining shareholding of Minera IRL Patagonia S.A. ("Minera IRL Patagonia") for a total net cash consideration of US$11.5 million (the "Agreement"). Following the Agreement, Minera IRL has no interest in or has any outstanding obligations or liabilities relating to Minera IRL Patagonia. Minera IRL Patagonia is the joint venture company that owns the Don Nicolás Project in Santa Cruz Province, Argentina. Mr. Courtney Chamberlain, Executive Chairman of Minera IRL, commented, "We enjoyed working in Argentina over the past four-and-half years and had considerable success defining reserves and resources at the Don Nicolás Project. We were delighted to have attracted CIMINAS as a joint venture last year, who is funding the construction of the Don Nicolás Mine. However, having recently received the Construction Permit to build the Ollachea Gold Mine in Peru, the Company believes that, with great regret, that divesting our interest in Don Nicolás and reallocating the proceeds towards our flagship project is in the best interest of Minera IRL." Dr. Diego Benavides, President of Minera IRL Patagonia, added, "We thank CIMINAS, our joint venture partner, for their contribution and support since the Agreement was signed in August 2013 and wish them well with the ongoing development of Don Nicolás. We also thank the Argentina and Santa Cruz Provincial authorities for their outstanding support and assistance since 2010. Finally, we wish to pay special tribute to our team in Argentina for their professional discipline, loyalty, support and dedication in making Minera IRL Patagonia a success." For the year ended 31 December 2013, the assets subject to the transaction incurred a loss before tax of US$15.7 million (US$3.2 million adjusting for loss on deconsolidation of subsidiary). As at 31 December 2013 the carrying value of the assets subject to the transaction was US$43.7 million. Terms of the Agreement Under the Agreement, CIMINAS paid US$9.8 million (85%) upon closing of the transaction and will pay US$0.85 million (7.5%) after 90 days and the remaining US$0.85 million (7.5%) after 12 months. The payment of the second and third tranches is conditional upon the satisfaction of certain customary representation and warranties pertaining to the Don Nicolás Project. |
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Minera IRL
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PRODUCTEUR |
CODE : MIRL.L |
ISIN : JE00B1HNYF12 |
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Minera IRL est une société de production minière d'or basée au Perou. Minera IRL est en développement de projets d'or et d'argent au Perou et en Argentine, et détient divers projets d'exploration au Perou. Son principal projet en production est CORIHUARMI au Perou, ses principaux projets en développement sont GOLDEN ZONE PROPERTY au Perou et DON NICOLAS en Argentine et ses principaux projets en exploration sont PAN DE AZUCAR, WINNEMUCCA MOUNTAIN, DUTCH FLAT, WHITE CANYON MINE, AWAKENING, CHERT CLIFF, SUMMIT PROJECT, SOUTH ESTELLE, EAST SANTA CRUZ, ESCONDIDO, DEL ORO et BOLO en Argentine, CATA PRETA, OVERLAND PASS et SCRAPER au Bresil, FRONTERA, RED HILLS PROPERTY, PETE'S SUMMIT, GUILD PROJECT, UTAH CLIPPER, CRESTVIEW, LAURA PROPERTY et WHITE HORSE NORTH au Chili, VECA PROJECT, BETHANIA, CLARA MORO, FOUR METALS PROPERTY, HUAQUIRCA, OLLACHA et QUILAVIRA au Perou et OXFORD LAKE et COTE ARCHIE LAKE au Canada. Minera IRL est cotée au Canada et au Royaume-Uni. Sa capitalisation boursière aujourd'hui est 809,0 millions GBX (1,2 milliards US$, 1,1 milliards €). La valeur de son action a atteint son plus haut niveau récent le 07 janvier 2011 à 96,00 GBX, et son plus bas niveau récent le 28 août 2015 à 0,25 GBX. Minera IRL possède 231 130 000 actions en circulation. |